Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

7402 Caribbean Drive Rowlett, TX 75088

4 Beds 2 Baths 2,123 sqft Built 2016

$315,000

List Price

$2,020

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

January 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $148.37
  • 2 Days on Market
  • MLS # : 14503975
  • Updated Date : 01/23/2021 at 11:17
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,123 sqft
  • Baths : 2 full
Listing Agent

New Age Real Estate

Listing Agent's Description

Beautiful 1 story cottage in Rowlett with a pool. Currently leased for $2905 a month, lease up March 31, 2021. Walk to lake! Volley ball pool resurfaced, builder grade sunroom, living area can be used as study, 4 Bedrooms, huge master, open kitchen, lovely layout, rich, wide-plank wood floors, energy efficient windows, stone facade on front, board-on-board fence, See Lake Ray Hubbard from your front yard! Marina around the corner. Fishing just steps away... This will not last. Tenant would like to stay in the property.

SEE MORE

MARKET HIGHLIGHTS

  • Dallas metro contributes to 31.9%% of Texas state economy i.e. Gross State Product (USMayors.org, 2018)
  • Dallas metro has 67.1% labor force participation rate higher than the national rate 62.8% (USMayors.org, 2018)
  • . Dallas has 7th largest concentration of high-tech jobs in the U.S. (Dallas Chamber)
  • # 1 in the country for job growth in 2017 (2.6% growth, 91,700 new jobs) (US Census, Forbes, 2017)
  • Dallas metro's economy is worth $579 billion in Gross Metro Product and projected to grow to $613 billion in 2019 (USMayors.org, 2018)
  • Home to 20 Fortune 500 headquarters, 39 Fortune 1000 headquarters and 12 of Forbes' top private companies (Fortune)

PRICE & RENT TRENDS

Neighborhood: The Peninsula

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $115k336k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: The Peninsula

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200130014001500160017001800190020002100Rent in $11242171

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Hillside Academy For Excel Primary Magnet 463 29 10
Classical Center At Brandenburg Middle School Middle Magnet 1,158 64 8
Sachse High School High Regular 2,859 159 7

Hillside Academy For Excel

  • Education Level: Primary
  • # of students: 463
  • # of teachers: 29
10
GreatSchools Rating

Classical Center At Brandenburg Middle School

  • Education Level: Middle
  • # of students: 1,158
  • # of teachers: 64
8
GreatSchools Rating

Sachse High School

  • Education Level: High
  • # of students: 2,859
  • # of teachers: 159
7
GreatSchools Rating
 

$283,500$346,500$315,000

PURCHASE PRICE

$1,818$2,222$2,020

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,020
EXPENSES Loan Payment -$1,094
Property Tax -$754
Property Insurance -$150
Property Management Fees -$99
CASH FLOW
-$77

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$315,000

PROJECTED PRICE

$2,020

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.94%
Appreciation Year (1-5) 13.4%
Maintenance Year (1-5) 8.00%
Vacancy 6.93%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$89,225

INVESTMENT

$89,225

Down Payment
$78,750
Rehab Estimate
$5,750
Closing Costs
$4,725

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,094

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $78,750
Loan Amount $236,250
See What Happens When You Reinvest Cash Flow

3.08

YEARS SAVED

$7,906

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $2,020

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $2,017

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,749
1$1,7492$2,0203$2,1004$2,1005$2,250
$2,250
RENT COMPS ANALYSIS
  • 7402 Caribbean Drive Rowlett, TX 2
    • 4 beds 2 baths ∙ 2,123 Sqft ∙ Built 2016 4 beds 2 baths ∙ 2,123 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $2,020
    • $0.95
    •  
  • 7714 Tidewater Drive Rowlett, TX 1
    • 4 beds 2 baths ∙ 1,887 Sqft ∙ Built 1996 4 beds 2 baths ∙ 1,887 Sqft ∙ Built 1996
    LEASED 07/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,749
    • $0.93
    •  
  • 4702 Mariner Drive Rowlett, TX 3
    • 4 beds 2 baths ∙ 2,094 Sqft ∙ Built 2017 4 beds 2 baths ∙ 2,094 Sqft ∙ Built 2017
    LEASED 08/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.00
    •  
  • 3514 Lake Highlands Drive Rowlett, TX 4
    • 4 beds 2 baths ∙ 2,225 Sqft ∙ Built 1998 4 beds 2 baths ∙ 2,225 Sqft ∙ Built 1998
    LEASED 06/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.94
    •  
  • 7210 Lynn Drive Rowlett, TX 5
    • 4 beds 3 baths ∙ 2,415 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,415 Sqft ∙ Built 2019
    LEASED 09/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.93
    •  
PROPERTY LISTING DETAILS
Charlene Winter
New Age Real Estate
Wade Shoop
1.866.250.5610
RentVest Property Management LLC
LIC TREC #9005027
North Texas Real Estate Information Services ( NTREIS)
MLS #: 14503975
Last Updated: 01/23/2021
BESbswy